News By Tag
* Private banking
* Wealth management
* More Industries...
News By Location
New Report: Wealth Managers' Websites Still Don't Win Clients
ABN AMRO, UBS and RBC offer best sites – Majority of websites still miss crucial data and social media integration
ABN AMRO Private Banking made an impressive leap from 23rd place in the 2011 ranking straight to the number one spot in this year’s ranking with a total of 86 out of 100 points. In particular, the Dutch website scores especially well on comprehensive information on costs and fees as well as the performance data for products and services. Such transparency is not available on any other private banking website. Last year’s winner UBS lags 6 points, but still impresses by the wide range of interactive features and the accuracy of the search function. Royal Bank of Canada’s wealth management websites moved up by six places and gained the 3rd place with an overall score of 77 points. Overall, the Top 10 became a far more internationally diverse group compared to 2011, including banks from nine different countries compared to only six in the 2011 report.
Top 10 Private Banking Websites 2012 (overall 40 banks ranked; max. 100 points):
1. ABN AMRO, 86 points (2011 Rank: 24)
2. UBS, 79 points (2011 Rank: 1)
3. RBC, 77 points (2011 Rank:9)
5. Standard Chartered, 73 points (2011 Rank: 17)
6. UniCredit, 72 points (Neu)
7. ING, 71 points (2011 Rank: 12)
7. Morgan Stanley. 71 points (2011 Rank: 12)
7. Nordea, 71 points (2011 Rank: 12)
10. Barclays, 69 points (2011 Rank: 6)
10. Julius Bär, 69 points (2011 Rank: 8)
10. Merrill Lynch, 69 points (2011 Rank: 2)
“ABN AMRO, UBS and RBC demonstrate that private banking websites can be far more than online brochures”, lauds Steffen Binder, head of research of MyPrivateBanking, the 2012 winners. “However, the average bank’s performance is not even close to that of the top performers, failing often in even meeting basic requirements in navigation, content and interactivity.”
The MyPrivateBanking report highlights the following as the main weaknesses:
• Many websites of private banks don’t meet the basic requirements of navigation and structure. For more than half of the banks under analysis, the search function is a major problem area as is the 25 % of the private banking websites that are only available in one language.
• The lack of transparency is highly problematic:
• 70% of the banks under evaluation fail in linking the private banking website to social media channels such as Facebook, Twitter or YouTube. In addition, social media content on the website is also often unavailable.
“The majority of these private banking providers still need to understand that wealthy clients are a client segment that demands special attention and specific information on a dedicated website. Retail banking clients often have much better and more informative websites available to them than the more affluent private banking clients.” Is how Steffen Binder characterizes the main consequence of all the weaknesses that still exist in private banking websites.
MyPrivateBanking Research advises wealth managers to focus on the following major to-dos to catch up with recent trends:
• Wealthy clients have specific needs on the Internet and providing a comprehensive, stand-alone platform exclusively for wealth management clients is, therefore, a critical requirement. International and global players must offer their content in the major languages worldwide to attract wealthy individuals from around the world.
• Absolute must-haves for every private banking website are the availability of search tools that deliver relevant hits, easy, simple navigation and a broad array of contact names and contact options.
• Disclosure of hard data is still at an unacceptably low level and private banking providers are advised to disclose critical data, such as assets under management, fees, and past performance for discretionary mandates to ensure credibility.
• A new generation of clients lives and breathes social media. Private banks and wealth managers need to open up to these new communication channels, just as they needed to open up to the Internet 10 years ago, and integrate the website with social media channels.
About the report:
The MyPrivateBanking Report „Wealth Management Websites That Win Clients" analyzes in detail the strengths and weaknesses of the private banking and wealth management websites of the 40 leading wealth managers and private banks worldwide. Based on 52 criteria grouped into three main categories of evaluation, the report benchmarks the user-friendliness, the quality of the content, the contact options and interactivity offered by the private banking websites of each bank. For further information on the report please check here.
Private Banking Websites Analysed:
ABN Amro, ANZ, Banco Bilbao V.A., Bank of NY Mellon, Barclays, BB&T, BNP Paribas, Bradesco, CIBC, Citibank, Coutts & Co, Crédit Agricolé, Credit Suisse, DBS Bank, Deutsche Bank, Erste Bank, Goldman Sachs, HSBC, ICICI, ING Groep, Intesa Sanpaolo, Itau Private Bank, J.P. Morgan, Julius Bär, Lloyds Banking Group, Macquarie, Merrill Lynch, Morgan Stanley, Nordea, Northern Trust, Royal Bank of Canada, Santander, SEB, Société Généralé, Standard Chartered, U. S. Trust, UBS, Union Bank Privée, Unicredit, Wells Fargo.
About MyPrivateBanking Research:
Established in 2009 in Switzerland, MyPrivateBanking Research specializes in research and analysis on how financial services firm should develop their websites, social media presences and mobile apps to best serve existing customer and to win new clients. MyPrivateBanking Research offers its' insights in comprehensive reports as well as customized research, workshops and presentations. For further information please check www.myprivatebankingresearch.com.